Breaking News

Tweet TWEET

UBS’s Former Russian CEO Leaves for Moelis Health-Care Unit

UBS AG (UBSN)’s Russia Chief Executive Officer Steven Meehan left to join Moelis & Co. as managing director in health-care investment banking.

Moelis is hiring Meehan to expand its coverage of an industry it says will be among the most active, the New York- based bank said today in an e-mailed statement. Meehan was responsible for UBS’s securities, investment banking and wealth management units in Russia and the former Soviet republics.

“Given the rapidly changing regulatory environment and the aging population, health care will be among the most active industry sectors for the foreseeable future,” Moelis & Co. CEO Kenneth Moelis said in the statement. “Our clients will be well served by Steven’s almost two decades of health-care investment banking experience.”

Meehan, 47, started at Moelis on Oct. 3, according to a spokeswoman for the bank. UBS hired a new head of Russia last year, and Meehan has been in a transitional role since then, Torie von Alt, a spokeswoman for the Swiss bank, said.

He will be based in New York and report to Kenneth Moelis, who left his role as president of UBS’s global investment bank to found his own firm in 2007.

Meehan joined UBS in 1999 after working for Salomon Smith Barney and Drexel Burnham Lambert, Moelis said in the statement.

UBS, Switzerland’s biggest lender, is planning to make its investment bank “less complex and more focused,” according to a presentation published on its website Oct. 4. UBS was already shrinking the unit amid market turmoil that sapped client business when it revealed last month a $2.3 billion loss due to unauthorized trading.

Separately, Bora Sila, former head of retail investment banking for the Americas at UBS, has joined Wells Fargo, the San Francisco-based bank said in a statement today. Sila, who started at UBS in 2009 and previously worked for Citigroup, will be head of consumer and retail M&A.

To contact the reporters on this story: Will Robinson in New York at wrobinson11@bloomberg.net;

To contact the editor responsible for this story: Jennifer Sondag at jsondag@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.